How to Streamline Your FHA Mortgage

If your home has an FHA-insured mortgage, learn how to get a lower fixed-rate FHA streamlined refinance loan.

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Need a mortgage? Check out the advice in this Howcast video series about home financing.

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Steps

Step 1

Find out if you have an FHA mortgage

Locate your loan documents and look for a 10-digit FHA case number to find out if have an FHA-insured mortgage. Your current mortgage must be FHA insured to qualify for an FHA streamlined mortgage refinance.
FHA case numbers can also be found on escrow account statements and original mortgage closing statements.
Step 2

Contact lender

Contact your original FHA mortgage lender and ask if they originate FHA streamlined mortgage refinances. If they don't, contact other lenders.
Step 3

Find out your FICO credit score

Find out your FICO credit score, a factor in determining if you qualify for an FHA streamlined mortgage refinance.
720 or higher is an excellent score. 660 to 719 is good. 620 to 659 is average. 619 and below is below average.
Step 4

Complete application

Choose a lender and fill out an FHA streamlined mortgage application. Loan approvals are determined by the review and verifications of the private lender.
The FHA loan program originated during the Great Depression when home foreclosure rates spiked and 2 million construction workers lost their jobs.